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Mumbai Police have arrested a garment trader after ₹1 crore reached his firm’s account in a ₹14 crore cyber theft case.
How Was ₹14 Crore Stolen From Central Bank of India?
Mumbai Police are investigating a cyberattack in which nearly ₹14 crore was allegedly siphoned from Central Bank of India’s settlement account maintained with the Reserve Bank of India (RBI).
According to police, a server belonging to Indian Financial Technology and Allied Services, a wholly owned RBI subsidiary, was compromised. The attackers allegedly executed 187 unauthorised Real-Time Gross Settlement (RTGS) transactions between October 15 and 17, transferring the money into 36 bank accounts.
The bank’s complaint stated that its internal team could not trace these transactions through its branches, internet banking, mobile banking or other banking channels. The money was subsequently transferred from the initial 36 accounts into another 105 bank accounts.
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Who Has Been Arrested in the Investigation?
Police arrested 49-year-old Mehul Seemaria, a garment trader from Kandivli, after investigators traced ₹1 crore of the suspected stolen money to his company’s account. The amount was transferred to an account belonging to Darshan Dresses Pvt Ltd, maintained at a private bank’s Khar branch.
Investigators said Seemaria allegedly failed to provide satisfactory explanations regarding the transaction or possible accomplices during questioning. Police suspect that he may have used the money to purchase cryptocurrency. Investigators are examining his digital records to determine whether any funds were subsequently transferred abroad.
Are Police Searching for Other Suspects?
Police are looking for two additional suspects, identified as Vishnu Rathi from Goregaon and Varunraj Narkar from Kandivli.
Investigators are also attempting to identify other beneficiaries who may have received portions of the stolen money through the network of bank accounts.
The movement of funds through multiple accounts has become a central part of the investigation. Police are examining the transactions to establish where the money ultimately went and whether additional individuals participated in receiving or transferring it. The suspected cryptocurrency purchases and possible overseas transfers remain under investigation.
Were Customer Accounts or Banking Systems Affected?
Central Bank of India has clarified that no customer accounts were affected by the unauthorised transfers. The bank also maintained that its core banking system remained intact and secure. The suspected breach involved the settlement infrastructure rather than transactions initiated through the bank’s ordinary customer-facing channels.
The investigation is examining how the compromised server was allegedly used to process unauthorised settlement instructions and move funds across numerous accounts. Police are continuing to trace the money and identify those involved in the transactions. The case highlights the importance of securing interbank settlement infrastructure and monitoring suspicious fund movements, even when customer accounts and core banking systems remain unaffected.
